HFF closes $24.25M Newark multi-housing sale

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January 15, 2014 at 11:32 AM

Florham Park-based HFF announced Wednesday it closed the $24.25 million sale of two 15-story housing towers in Newark.

According to the announcement, the Mount Prospect Towers property includes 219 units. HFF represented the sellers, Praedium Group and KABR Group. Azure Partners purchased the asset located at 380 and 420 Mount Prospect Avenue in the Forest Hill section of Newark for $24.25 million. The 96 percent leased property is comprised of studio, one-, two- and three-bedroom units undergoing renovations.

The HFF investment sales team representing the sellers was led by senior managing directors Jose Cruz and Andrew Scandalios, managing directors Kevin O'Hearn and Jeffrey Julien and associate director Michael Oliver, the company said in a statement.